Diminished value payment

(Posted on 4/9/14 at 10:05 pm)

Has anybody ever filed for a diminished value claim for a wrecked vehicle?

Looking to sell my vehicle which is under a year old but was rear ended last October. And now I'm running up against depreciated values due to that accident. I had never heard of this and figured that the money board would know the most about it.

The property damage has been settled but I don't remember signing a release. Even so, isn't there opportunity to reopen/ask for recompense?

From what I'm reading, insurance companies don't advertise this when dealing with claims and you have to almost force it. I had never heard of it before and now that I'm dealing with it I am trying to weigh it my options

I'm made a DV claim before, but it was during the repair process. I wasn't thrilled about the number, but didn't want to fight too much since I had little to go off of. It was never mentioned and I had to ask for it.

I got rear ended in a brand new 27k car 10 years ago. 12k worth of damage and they would t total it. I asked for loss of resale value and they offered 700 buck. It was a joke. Their counter was to have an inspector of THEIR choice to come review the car and his decision was final. Good luck.

I had reasonable success with it recently, wife's car had gotten rear ended twice within 45 days, both of the other drivers had state farm, the vehicle was fixed each time, shortly after, we traded it in, it obviously had carfax dings so they deducted 1200 on the trade in price, I called state farm, explained what was going on, they transferred me to the diminished value department, the guy was very easy to deal with, asked what I thought was fair and I said 1200...he agreed and a week later i got 2 600 checks......makes me think they would of gone higher????

Unless there have been changes I'm unaware of, you have one year from the date of accident to file a diminished value claim. Your best bet is to have a licensed independent appraiser prepare a diminished value report for you. YOU choose which appraiser you want to hire, not the insurance company.